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I retired and receive social security benefits. My former

 
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  • Answered by:MyVirtualCPA
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Customer Question

I retired and receive social security benefits. My former employer gives $6000.00 a year to use for insurance until you qualify for medicare as an early retirement incentive. The social security says I can make $14200.00 a year and still receive social security.
This $6000.00 is included in the early retirement package and I allowed to make $14200.00 a year income. Is this correct?

Submitted: 329 days and 6 hours ago.
Category: Social Security
Value: $30
Status: CLOSED

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Expert:  MyVirtualCPA replied329 days and 6 hours ago.

I realize you have a question about social security. My goal is to help you better understand your options.

Thank you for your question. I would love to assist you today.

You are correct - if you are under your full retirement age you can make up to $14,640 per year (The $14,200 figure is a figure that is a couple years old)

SOURCE: http://www.ssa.gov/pubs/10069.html

If the $6,000 is included in the early retirement package you are correct, you can make an additional $14,640 and still draw social security benefits.

Once you reach full retirement age you can work an unlimited amount without a reduction in your benefits.

Thanks for using Just Answer. Please take a moment to rate my response so that I can be compensated for assisting you tonight. If you have follow up questions, hit "REPLY" or "CONTINUE CONVERSATION."

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Expert TypeCPA
Category: Social Security
Pos. Feedback: 93.8 %
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Answered: 6/26/2012

Experience: Tennessee CPA with a Masters of Accountancy from Ole Miss

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Expert:  MyVirtualCPA replied325 days and 15 hours ago.

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